SC home prices are soaring in 2024. These places are hitting bank accounts hardest so far
Buying a home got more expensive in South Carolina overall during the first three months of the year.
The median price of homes in South Carolina was $330,000 in the first quarter of 2024 — a 6.5% jump compared to the same period last year, according to the latest data from South Carolina Realtors. March alone had a median home price increase of 5.7% year-over-year.
Of all the state housing markets listed by South Carolina Realtors, the Western Upstate had the largest median price increase during the first quarter at 13.4%. The Hilton Head area was the most expensive, with a median price of $528,753 for homes in the first quarter.
Here are the South Carolina housing markets listed from biggest to smallest median price increases during the first quarter of 2024.
Housing market | Q1 2023 | Q1 2024 | % change |
Western Upstate | $257,500 | $292,000 | 13.4% |
Sumter/Clarendon County | $220,000 | $242,000 | 10% |
Pee Dee | $196,950 | $214,990 | 9.2% |
Hilton Head area | $491,965 | $528,753 | 7.5% |
Aiken | $260,145 | $277,805 | 6.8% |
Spartanburg | $268,000 | $285,000 | 6.3% |
Greater Greenville | $297,000 | $309,808 | 4.3% |
Charleston Trident | $394,900 | $410,840 | 4.0% |
Beaufort | $385,000 | $400,000 | 3.9% |
Coastal Carolinas | $314,035 | $326,285 | 3.9% |
Greater Augusta | $260,000 | $270,000 | 3.8% |
Central Carolina | $185,000 | $190,000 | 2.7% |
Greater Columbia | $257,500 | $264,000 | 2.5% |
Piedmont Regional | $365,875 | $375,000 | 2.5% |
Greenwood | $225,250 | $228,750 | 1.6% |
Cherokee County | $221,990 | $200,000 | -9.9% |
State totals | $310,000 | $330,000 | 6.5% |
Home sales
While prices continued to rise, home sales in South Carolina mostly fell during the first quarter of the year, though not drastically. There were 19,052 homes sold in the first quarter, a 1.3% drop from the same period last year, according to South Carolina Realtors data.
The Cherokee County market had the biggest drop in sales at 32.5%. Meanwhile, the Hilton Head area had the largest sales gains at 15.1% with 1,238 homes sold.
What’s happening in the market
Rising prices and falling sales has been an ongoing trend in the state and across the U.S. in recent years because of relatively high demand and low inventory, experts say. Rising mortgage rates over the past couple of years have also made homes more expensive and kept buyers at bay.
According to the latest March report from South Carolina Realtors, for the 12 month period from April 2023 to March 2024, pending sales in the state were down 4.6% overall. The $1 million and above was the price range with the largest pending sales gain, with an increase of 15.6%.
